Westpac Banking Corp Purchases New Stake in AppLovin Co. (NASDAQ:APP)

Westpac Banking Corp purchased a new stake in shares of AppLovin Co. (NASDAQ:APP) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 2,522 shares of the company’s stock, valued at approximately $817,000.

A number of other large investors have also added to or reduced their stakes in the company. SVB Wealth LLC bought a new position in shares of AppLovin during the fourth quarter valued at approximately $1,781,922,000. State Street Corp increased its position in AppLovin by 8.6% during the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after purchasing an additional 428,419 shares during the period. Geode Capital Management LLC raised its holdings in AppLovin by 14.5% in the 4th quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company’s stock worth $1,462,144,000 after purchasing an additional 573,310 shares in the last quarter. Baillie Gifford & Co. lifted its position in shares of AppLovin by 5,421.4% in the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock worth $1,322,682,000 after purchasing an additional 4,010,520 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of AppLovin by 457.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company’s stock valued at $936,888,000 after purchasing an additional 2,373,885 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

AppLovin Stock Down 16.3 %

AppLovin stock opened at $219.37 on Friday. AppLovin Co. has a 12 month low of $60.67 and a 12 month high of $525.15. The stock has a fifty day simple moving average of $342.89 and a two-hundred day simple moving average of $287.27. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm has a market cap of $74.58 billion, a price-to-earnings ratio of 48.32, a PEG ratio of 3.02 and a beta of 2.33.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. Equities analysts predict that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Insider Activity at AppLovin

In other news, Director Herald Y. Chen sold 200,000 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the sale, the director now owns 621,209 shares of the company’s stock, valued at $201,675,501.85. This represents a 24.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Arash Adam Foroughi sold 45,000 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the transaction, the chief executive officer now owns 2,914,492 shares in the company, valued at $1,230,527,667.32. This trade represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 306,900 shares of company stock worth $106,401,841 over the last quarter. Company insiders own 14.69% of the company’s stock.

Analyst Ratings Changes

APP has been the subject of a number of research reports. Jefferies Financial Group increased their price target on shares of AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. The Goldman Sachs Group increased their target price on AppLovin from $220.00 to $335.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Wells Fargo & Company set a $538.00 price target on AppLovin and gave the company an “overweight” rating in a research report on Thursday, February 27th. JPMorgan Chase & Co. increased their price objective on AppLovin from $325.00 to $475.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Finally, Oppenheimer restated an “outperform” rating and set a $560.00 target price on shares of AppLovin in a report on Thursday, March 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $435.47.

AppLovin Company Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.